Secondary preferential creditor
A creditor whose claim is given a lower level of preferential priority than ordinary preferential debts but still ranks ahead of unsecured creditors where the statutory rules apply.
Related terms
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Crown preference
Rules giving certain debts owed to HMRC preferential status in insolvency, meaning they rank ahead of ordinary unsecured creditors for relevant distributions.
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Tax arrears
Tax that should already have been paid to HMRC or another tax authority but remains outstanding.
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Personal liability notice
A formal notice that can make an individual personally liable for certain company debts in specific statutory circumstances.
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